Not Ready to Buy a Property Yet? Here’s What You Should Do In The Meantime

Not in a buy cycle? In this episode, we talk about what investors can do in the meantime to prepare for when they are ready to invest.   --- Transcript   Tom: Greetings, and welcome to The Remote Real Estate Investor. On this weekend wisdom, we got a fun topic, it's what you can do as remote real estate investor, if you're not ready to buy, or not in an acquisition cycle, or just getting ready, all the different activities you can do to build the muscles to execute well, when it's time to buy. Alright, let's do it.   All right, so this weekend wisdom is made for people who want to be remote real estate investor, or perhaps they are in remote real estate investor, and they are looking for things to do to help level up when they are just not ready to buy. Or perhaps they don't have the funds to buy something along those lines. So I've got a couple of ideas. But I think I'm going to make it more fun by just putting Emil on the spot. It looks like he's not necessarily listening.   Alright Emil, what are some things that people who want to invest but perhaps are not ready to grab funds or whatever reason? How can they build muscles to be a good remote real estate investor without actually buying a property?   Emil: I would say so I'm kind of going through this myself on a little temporary pause. I am trying to just network with other people who invest where I invest, either through Facebook groups, BiggerPockets, forums, Roofstock Academy, wherever it is just meeting other people who invest where I invest early in my investing career, I had this very scarcity mindset about real estate investing, like why would anyone want to share information with other investors, like we're all competing against one another. But really, so many investors are so giving and willing to like, talk with other investors, because there's not many of us out there. So when you find another investor, especially if you're a remote investor, it's like, you know, that's your community, that's a tribe people love sharing information and just like talking to each other and getting best practices and stuff.   So like, for me, I've been trying to meet people who are local in St. Louis, talking to different property managers, different agents, just people who are local there who can help me, I don't know, get a better label and learn the market, find deals when I'm ready to find deals. So at this point, that's what I'm kind of focusing on.   Tom: Love it. It's such a good one. And I think the logical fallacy that there's only you know, so many properties out there, and I need a box, everybody out is just such a logical fallacy. Like there's, there's literally millions of houses out there. And it's a great reason to connect and share. And I mean, I guess there could be situations, right, where you're making the property, you're making an offer on it, and somebody you know, is actively buying in that same area, like then it's reasonable to use a little bit of caution on very specific deals. But generally speaking, that's that's a fallacy. I think that I had as well getting into it thinking that, you know, it's a zero sum game.     Michael: It could truly be a win win. I think, if you're thinking about that, and not willing to share information at a high level, like Tom you said, there are some things that of course, you want to keep your cards close to your vest, but at a high level, like if that's what you're thinking, then you're probably doing it wrong.   Tom: All right, Michael, things you can do. As an investor, perhaps you're not ready to buy right now, or you're not in the buying cycle.   Michael: Yeah, so similar to Emil. I'm kind of a great case study, because I'm not in a buy cycle. Right now. I am gearing up to be in a buy cycle. So right now, my wife and I sat down two weeks ago and are really honing in our finances and our spending and our savings rate, making sure that we are just storing up a bunch of dry powder. I'm also going through seve